Friday, February 11, 2005

new lows for housing affordability

The numbers for 2004 are in - one in six can't afford a home in California:

Holding steady at a 14-year-low, 17 percent of the county's households could afford a median-priced home in December, a 6-percentage-point drop from the previous year, according to the California Association of Realtors. While the group says almost three out of four home purchases throughout the state last year were by repeat buyers who could roll the equity from a sale into another home, the fact that only one in six households could afford the median-priced home is worrisome to many in real estate.


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